Cue the “Jaws” music: Icahn eyeing Yahoo

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When a company is struggling, Carl Icahn is rarely far behind.

In the latest twist in the saga of Yahoo, the billionaire financier has been snapping up its shares since Microsoft yanked a $47.5-billion offer for the Internet pioneer. Now Icahn is reportedly trying to decide whether to launch a proxy fight. The goal: to unseat some of Yahoo’s directors to try to pressure the company into slinking back to Microsoft and seeking a buyout deal.

“There are different people coming out of the woodwork,” said one person familiar with the talks. “There are funds that would sign on to the slate.”

One big question: Whether Microsoft would agree to reopen negotiations with Yahoo. The Redmond, Wash.-based software giant, which withdrew its unsolicited offer for Yahoo on May 3 after they failed to agree on a price, is being cagey. Its executives have given conflicting public statements in recent days on their willingness to revisit a deal.

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-- Chris Gaither